Am I Ready For A Student Credit Card?

Featured Student Credit Card

If you are ready for your first student credit card then the ANZ First Visa is a good pick. Firstly it has a low minimum income requirement of $15,000 so you are more likely to get approved. Secondly is has a low credit limit of $1000 which is perfect to get you started off on.

• $30 annual fee
• 0% p.a. for 3 months (reverts to 19.24% p.a.) on purchases
• 0% p.a. for 3 months on balance transfers
• Cash Advance Rate of 20.99% p.a.
• 44 days interest free
• Minimum Income Requirement of $15,000 p.a.
• 24/7 Falcon security which monitors for any suspicious transactions on your credit card

Read the ANZ First Visa Credit Card terms and conditions.

The more cynical amongst you may believe that no student is ready for a student credit card. However, as much as some younger people can behave a little recklessly when they receive their credit card, so can many older people.

The downside of a student credit card:

The clinch of a student misusing their new credit card and running up bills they cannot pay off is clearly based on some truth. The first time some students experience the freedom of being away from home, without the scrutiny of their parents, it is tempting to let loose a bit. If they have a student credit card, they may well go a bit loco with it.

If you are thinking of applying for a student credit card, there are some questions you need to ask yourself, and you need to be honest in your responses. The debts built up as a student with fees and living expenses can be burdensome on their own. You certainly don’t want to be leaving higher education with a huge credit card bill as well.

Student credit card suitability checklist:

1. Have you ever taken any kind of loan in the past? This may include a cash loan from your parents. If so, what was your attitude towards repaying it? Did you stick to the schedule, or were you always making excuses and putting it off? How you handled this may tell you something about how you will handle a student credit card repayment.
2. Have you been using a debit card on your current account? How you have handled your debit card may say something about how you would cope with a student credit card. Although they work differently, the principle of use is similar. If your use of your debit card has regularly taken your account balance down close to zero, or into an agreed overdraft facility, then it is possible you are not monitoring your spending as closely as you should. If that is the case, getting a student credit card could cause you problems, as you will be able to spend with even more abandon than with a debit card.
3. Have you got sufficient income to cover your outgoings? However you get your money as a student – whether from a student loan, your parents, or a part-time job – it is likely that finances will be tight. Having to spend within a budget of physically available cash makes you think about your daily spending. Having a student credit card could give you a false sense of financial security, and allow you to splash out on things that may not be strictly necessary.

If you do decide you possess what it takes to use a student credit card responsibly, then there are several options available in terms of student credit cards specifically designed for first-time users. It would be wise to choose one of these, as they will have less stringent financial criteria for applying, and offer a lower credit limit to help keep a reign on your spending. There is no point in going for the Super Platinum version; you need to become a CEO first.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%